WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after President Bush signed the College Cost Reduction and Access Act into law:

“Today is a landmark day for millions of Americans who want to go to college but are deterred by increasing costs, and for current students who are struggling to pay for their education. In today’s global economy, we must do all we can to help students go to college and maintain an educated workforce. Now that the College Cost Reduction and Access Act has been signed into law, higher education will be more affordable for students and their families, and the doors of higher education will be open to all. By cutting interest rates on student loans and increasing the size of Pell Grants – all at no new cost to taxpayers – this bill demonstrates that Democrats are keeping our promises to make real changes that benefit the average American. I am pleased that Congress and the President could come together on this bill and support America’s future.”